Monty Inc. is a major retailer of road bicycles and a promoter of riding bicycles to work, both to save the environment and improve physical fitness. Financial statements for Monty are presented below. Net property and equipment TOTAL ASSETS \( \frac{81,350}{\$ 207,850} \quad \stackrel{\$ 137,000}{\hline=} \quad \) Current liabilities Accounts payable Salaries payable $11,200$15,100 Interest payable 10,2008,200 Total current liabilities Loan payable Total liabilities 123,950100,25086,85060,250 Shareholders' equity Common shares Retained earnings Total shareholders' equity MONIY INC. INCOME STATEMENT For the Years Ended December 31 The following is additional information concerning Monty's transactions during the year ended December 31,2024: Equipment costing $40,000 was purchased by paying $34,500 cash and issuing 100 shares. Equipment costing $30,000 that was purchased at the beginning of 2023 was sold at the end of 2024 for $25,800. Straightline depreciation had been used with an expected asset life of 10 years and a residual value of $0. - The "other expenses" relate to prepaid items. - In order to supplement its cash, Monty borrowed an additional $40,000. - Cash dividends of $4,500 were paid at the end of the fiscal year. - Cost of sales includes $150,000 of direct labour costs. Prepare a statement of cash flows for Monty for the year ended December 31, 2024, using the direct method. Monty follows ASPE. (Show amounts that decrease cash flow with either a negative sign e.g. 15,000 or in parenthesis e.g. (15,000).) Non-cash investing and financing activities Prepare a statement of cash flows for Monty for the year ended December 31, 2024, using the direct method. Monty follows ASPE. (Show amounts that decrease cash flow with either a negative sign e.g. 15,000 or in parenthesis e.g. (15,000).)